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Did Families Lose or Gain Control after the East Asian Financial Crisis?

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  • Khanthavit, Anya
  • Polsiri, Piruna
  • Wiwattanakantang, Yupana

Abstract

This paper investigates the ownership and control of Thai public firms in the period after the East Asian financial crisis, compared to those in the pre-crisis period. Using the comprehensive unique database of ownership and board structures, we find that the ownership and control appear to be more concentrated in the hands of controlling shareholders subsequent to the crisis. Interestingly, even though families remain the most prevalent owners of Thai firms and are still actively involved in the management after the financial crisis, their role as the controlling shareholder becomes less significant. In addition, our results show that direct shareholdings are most frequently used as a means of control in both periods. Pyramids and cross-shareholdings, however, are employed to the lesser extent following the crisis.

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File URL: http://hermes-ir.lib.hit-u.ac.jp/rs/bitstream/10086/13906/1/wp2003-1a.pdf
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Bibliographic Info

Paper provided by Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University in its series CEI Working Paper Series with number 2003-1.

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Length: 1 v.
Date of creation: Feb 2003
Date of revision:
Handle: RePEc:hit:hitcei:2003-1

Note: January 2003, Forthcoming in Designing Financial Systems in East Asia and Japan: Toward a Twenty-First Century Paradigm edited by Joseph Fan, Masaharu Hanazaki, and Juro Teranishi, Routledge.
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Related research

Keywords: Ownership; Controlling Shareholder; Corporate Governance; East Asian Financial Crisis; Thailand;

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Cited by:
  1. Chaiyasit Anuchitworawong, 2010. "The Value of Principles-Based Governance Practices and the Attenuation of Information Asymmetry," Asia-Pacific Financial Markets, Springer, vol. 17(2), pages 171-207, June.
  2. Carney, Richard W. & Child, Travers Barclay, 2013. "Changes to the ownership and control of East Asian corporations between 1996 and 2008: The primacy of politics," Journal of Financial Economics, Elsevier, vol. 107(2), pages 494-513.
  3. Connelly, J. Thomas & Limpaphayom, Piman & Nagarajan, Nandu J., 2012. "Form versus substance: The effect of ownership structure and corporate governance on firm value in Thailand," Journal of Banking & Finance, Elsevier, vol. 36(6), pages 1722-1743.
  4. Piruna Polsiri & Kingkarn Sookhanaphibarn, 2009. "Corporate Distress Prediction Models Using Governance and Financial Variables: Evidence from Thai Listed Firms during the East Asian Economic Crisis," Journal of Economics and Management, College of Business, Feng Chia University, Taiwan, vol. 5(2), pages 273-304, July.
  5. Chutatong Charumilind & Raja Kali & Yupana Wiwattanakantang, 2006. "Connected Lending: Thailand before the Financial Crisis," The Journal of Business, University of Chicago Press, vol. 79(1), pages 181-218, January.
  6. Polsiri, Piruna & Wiwattanakantang, Yupana, 2004. "Business Groups in Thailand: Before and after the East Asian Financial Crisis," CEI Working Paper Series 2004-13, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
  7. Kouwenberg, Roy & Phunnarungsi, Visit, 2013. "Corporate governance, violations and market reactions," Pacific-Basin Finance Journal, Elsevier, vol. 21(1), pages 881-898.

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